- EverGen Infrastructure reported their Q4 ‘21 quarterly results on April 21, 2022
- The company reported 4Q21 revenues of CAD $2.693 million, +39% QoQ
- EverGen simultaneously reported that their 4Q21 EBITDA was impacted by the flooding event that took place late last year, however revealed that their facilities had come back online as of early March 2022, and business interruption insurance would be recognized in 2022
- The company also revealed a series of additions and changes within their executive management team
EverGen Infrastructure (TSX.V: EVGN) (OTCQB: EVGIF), a British-Columbia based Renewable Natural Gas owner and operator, published its fourth quarter 2021 quarterly results on Thursday 21 April 2022 (https://ibn.fm/bXKQH). EverGen reported fourth quarter revenues of CAD $2.693 million, a figure which was up 39% quarter-over-quarter, largely resulting from higher volumes of incoming organic feedstock resulting from the flooding events which took place in Canada’s Abbotsford and Sumas Prairie regions. Nonetheless, the flooding events also contributed to a temporary shutdown of EverGen’s FVB facility on November 15, 2021, an extraordinary event which impacted the company’s net income and EBITDA for the quarter.
EverGen Infrastructure revealed that their operations had now successfully recovered from the flood impact, with their FVB facility back online as of March 2, 2022. Moreover, the company also reported that it had recovered upwards of $1.7 million of insurance proceeds, representing a progress payment relating to lost revenues and additional expenses incurred from the flooding events. The company now intends to recover further insurance proceeds related to the event throughout 2022, resulting in a deferral of positive Adjusted EBITDA which would have otherwise been recognized in the fourth quarter of 2021.
EverGen had a transformational year in 2021, which saw the company assemble their core British Columbia-based portfolio, acquire subsidiary Fraser Valley Biogas, and lead the initial public offering of the company – measures which taken in unison have served to position EverGen as one of Canada’s premier renewable natural gas (“RNG”) infrastructure platforms.
The company also announced a series of managerial additions and changes within the executive team. After successfully leading EverGen’s initial acquisitions and August 2021 IPO, Mischa Zajtmann, President of EverGen will transition into the role of Chief Operating Officer, with the goal of overseeing the company’s technical operations along with the development and integration of ongoing growth projects. Separately, EverGen also welcomed Jamie Betts, VP of Operations, and Sean Hennessy, VP of Finance, recent additions set to assist the company as it continues to expand its RNG operations as well as to further its inorganic growth initiatives moving forward.
Betts, an engineer by training, joins EverGen as VP of Operations with over 35 years of experience in multinational energy and waste management companies, including, more recently, the positions of VP of Engineering at Miller Waste Systems Inc. and Project Director at Husky Energy. Meanwhile, Hennessy, a chartered accountant, joins EverGen as VP of Finance with over 15 years of finance and accounting related experience, including the positions of Director of Corporate Reporting for Altera Infrastructure, a global energy infrastructure group and a Brookfield Business Partners portfolio company, and Director of Financial Reporting for a clean technology company.
Going forward, EverGen have outlined their onward growth plans, with the company’s recently announced letter of intent to acquire a 67% interest in GrowTec, an Alberta based biogas facility, serving as the cornerstone of their plan to expand into new geographic jurisdictions and broaden their presence within the Canadian RNG industry.
For more information, visit the company’s website at www.EvergenInfra.com.
NOTE TO INVESTORS: The latest news and updates relating to EVGIF are available in the company’s newsroom at https://ibn.fm/EVGIF
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